Tax and Superannuation Laws Amendment (2014 Measures No. 4) Bill 2014

Summary

Amends the: Income Tax Assessment Act 1997 to: amend the statutory debt limits for the thin capitalisation rules; increase the de minimis threshold for thin capitalisation limits; provide for a new gearing debt test for inbound investors; prevent the double counting of certain non-taxable Australian real property assets that can distort the application of the Principal Asset Test; and clarify the meaning of ‘permanent establishment’; Income Tax Assessment Act 1936 and Income Tax Assessment Act 1997 to make non-portfolio returns on equity to Australian resident companies exempt of Australian income tax; Income Tax Assessment Act 1997 and Taxation Administration Act 1953 to require taxpayers to be issued with an annual tax receipt for the income tax assessed to them; and 15 Acts to make style changes, repeal redundant provisions, correct anomalous outcomes and make technical corrections.

Transcript of speeches

Proposed amendments

Schedules of amendments

Bills digest

Notes

An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament

Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.

As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.

Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.

Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.